Standard Deduction Amounts for 2020 and 2021Personal Taxes
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When it comes to deductions on your individual tax return, you have two options:
- Take the standard deduction
- Itemize your deductions
The vast majority of taxpayers take the standard deduction since it’s available to all taxpayers and most taxpayers don’t have enough itemized deductions to exceed their standard deduction.
Standard Deduction Amounts
|Married Filing Jointly or Qualifying Widow(er)||$24,800||$25,100|
|Married Filing Separately||$12,400||$12,550|
|Head of Household||$18,650||$18,800|
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.